If they deem your roof needs work when they evaluate it, you will have to re-roof first.If I had it to do over again with all the proper facts in front of me, I would probably have made a different decision.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Fix it properly, then rent it out to a highly qualified applicant. 

I live 2 blocks away :)  I had another one in Portland proper same thing you could not get in it stunk so bad you could smell it from 15 feet away as you walked up..

Mostly messaging with guests regarding issues, questions, concerns, as well as coordinating repairs and restocking supplies. 

Maintain proper records, such as contracts, settlement statements, and promissory notes.4.

Other ideas that have captured my attention are finding a 4 bed/1.5 bath house that has room to add a stand up shower to make it a proper 4/2. 

Sure there is a very small chance that something will go wrong, but with the tightening rental laws spending a little on a proper lease is smart.

As someone who lives in Dallas proper, and gets good natured annoyed when some one who lives in Plano says they live in "Dallas" they places you mentioned would make folks who live in Prosper blush (40 miles from Dallas) blush.

For many, the hassle isn't worth it, but with a properly written lease, an MTR operator can have sub-leasing rights that allow for MTR arbitrage.